Fintech startup Datasigns Technologies raises USD 1.5 M for pre-Series A
Founders: Monish Anand, Anand Barua, Mudit Tyagi, Rahul Sekar and Tushar Patel
Founded in: 2016
Financing status: USD 1.5 million for pre-Series A round in 2017
Bangalore-based fintech startup Datasigns Technologies has raised USD 1.5 million for pre-Series A funding from SRI Capital, BeeNext, and Pravega Ventures.
Datasigns was founded in 2016 by Monish Anand, Anand Barua, Mudit Tyagi, Rahul Sekar and Tushar Patel. The CEO Anand previously worked as an executive at companies like BT, Infosys and Citigroup.
Datasigns runs an app, Shubh Loans, which is a digital lending platform. The app provides users with loans for their personal needs and generates personalized credit reports for its users. It also guides users in improving their credit scores and obtaining higher loan amounts. Users can get loans ranging from INR 25,000 (USD 389) to INR 200,000 (USD 3,113) with a long-term payment tenure of up to 2 years. The app is available in English as well as two local Indian languages, Kannada and Tamil. The startup currently only provides loans to salaried employees with a monthly income above INR 15,000. Thus far, it operates in six cities in India including Bengaluru, Mumbai, and Chennai.
Datasigns will use the newly raised investment to strengthen its technology team and plan its expansion into 18 new markets. The startup expects to onboard one million customers in formal credit.
Other players in the fintech area in India include LoanTap, KountMoney, Faircent.com, LoanCircle, Capzest, Loanzen, etc.
(Top photo from Pixabay)